U.S. Physical Therapy's stock drops 7% in one day
Rehab Regs, May 12, 2006
U.S. Physical Therapy, a Houston-based national operator of physical and occupation therapy outpatient clinics, saw its stock fall by more than 7% on Thursday, according to the Houston Business Journal.
The drop comes after the company announced a 27% drop in net income for the first quarter and a $1.5 million decline in net income.
The declines come despite a 12.2% increase in revenue due to an increase in patient visits, the Business Journal reported.
U.S. Physical Therapy partly blamed higher therapist salaries for the decline in net income, which forced the company to make staffing reductions in more than 50 facilities.
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